Marsh & McLennan Cos. Proposed Senior Unsecured Debt Rated 'A-'

NEW YORK (S&P Global Ratings) March 14, 2019--S&P Global Ratings said today 
that it assigned its 'A-' debt ratings to Marsh & McLennan Cos.' (MMC) 
proposed EUR $550 million senior unsecured euro notes due 2026 and proposed 
EUR $550 million senior unsecured euro notes due 2030. We expect MMC to use 
the proceeds from the offering partially to fund its proposed acquisition of 
Jardine Lloyd Thompson plc (JLT; including the payment of related fees and 
expenses, and to repay certain JLT debt) as well as for general corporate 
purposes. These euro issuances come subsequent to MMC's $5 billion note 
issuances in January 2019, providing incremental financing related to the JLT 
acquisition. Post issuances, we continue to expect adjusted leverage of about 
3.4x-3.6x pro-forma for the combined company.

Our 'A-' long-term issuer credit rating on MMC reflects its strong business 
risk profile and intermediate financial risk profile. MMC derives its strong 
business position from its well-established and diversified global platform in 
its risk and insurance-services and consulting segments. Our financial risk 
assessment includes our expectation that the company will de-lever to the 
mid-2x area over the next two years following its acquisition of JLT. The 
negative outlook reflects the elevated leverage levels following the JLT 
transaction and execution risk associated with a large transaction.
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